a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics, today announced that effective August 26, 2020, it has granted (the “Grants”) 1,807,797 stock options (“Options”) under the Company’ stock option plan, as amended (the “Plan”). The goal of the grant of the Options is to align the interests of the Company’s employees, officers and directors with those of shareholders. An aggregate of 510,000 of the Options were granted to two directors of the Company (one of whom is also an officer of the Company). The Options were granted at an exercise price of $0.275.
As previously disclosed by the Company on August 18, 2020 (the “August 18 Press Release”), the Plan was amended by the board of directors of the Company on August 17, 2020 and, as such, the Plan, and the Grants, are subject to disinterested shareholder approval and the approval of the TSXV. The Company intends to seek such shareholder approval of the Plan and the Grants at its next annual meeting of shareholders.
The Options have a term of 10 years and vest over a 36-month period. Following the Grant, and subject to disinterested shareholder approval and the approval of the TSXV, including such approvals for the grant of Options to the new CEO of the Company, Mr. Robert Chioini, as disclosed in the August 18 Press Release, 43,209,314 common shares (“Shares”) in the capital of the Company will be issuable upon the exercise of the outstanding Options under the Plan (representing approximately 14.1% of the issued and outstanding Shares) and 2,689,433 Shares will remain available for issuance (representing approximately 0.9% of the issued and outstanding Shares).
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops clinical grade multiplexed microarray and molecular assays run on its automated instrumentation for the pharmaceutical research, animal health, and clinical diagnostics markets. SQI develops custom research and diagnostic assays that are multiplexed; meaning the simplification, consolidation and automation of many individual tests into one. This increases sample throughput, reduces time, cost and chance for human error, and provides excellent data quality. For more information, please visit www.sqidiagnostics.com.
Chief Financial Officer
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This press release contains certain words and statements, which may constitute “forward-looking statements” within the meaning of applicable securities laws relating to future events or future performance and reflect the current expectations and assumptions of the Company regarding its growth, results of operations, performance, business prospects and opportunities. These statements generally can be identified by use of forward-looking words such as “may”, “would”, “could”, “will”, “should”, “expect”, “plan”, “estimate”, “anticipate”, “intends”, “believe”, “potential”, or “continue” or the negative thereof or similar variations. The Company’s actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, the effect of the global pandemic and consequent economic disruption, and the factors detailed in the Company’s ongoing filings with the securities regulatory authorities, available at www.sedar.com. Although the forward-looking statements contained herein are based on what we consider to be reasonable assumptions based on information currently available to us, there can be no assurance that actual events, performance or results will be consistent with these forward looking statements, and our assumptions may prove to be incorrect. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.